The Central Bank of Nigeria (CBN) has appointed 16 new directors across key departments in a major leadership restructuring.
The appointments span crucial areas, including Monetary Policy, Trade and Exchange, Banking Supervision, Payment Systems, and Consumer Protection, among others.
These changes come at a time when regulators are intensifying oversight on banks and financial technology firms, coinciding with the final phase of the banking sector recapitalization exercise.
A source within the CBN told The Nation that “the very best were selected as such, no one will complain about the process because they all were appointed from within the system.”
This restructuring signals broader transformations at the apex bank, with an increased focus on compliance, consumer protection, and financial sector stability amid growing fraud risks and regulatory challenges.
One of the most significant appointments is Dr. Olubukola Akinwunmi Akinniyi as Director of Banking Supervision, placing him at the helm of banking oversight at a time when Nigeria’s financial institutions are expected to align with President Bola Tinubu’s ambition of building a $1 trillion economy.
Another key change involves payment system supervision, where the CBN has split the Payments System Management Department into two distinct units—one focused on policy and the other on supervision.
Yusuf Rakiya Opeyemi has been appointed Director of the newly created Payment System Supervision Department, reinforcing the CBN’s commitment to tackling rising fraud and ensuring stricter regulatory oversight. The previous structure, which combined payment supervision and policy under a single unit, had been criticized by industry stakeholders as a bottleneck to effective regulation.
Consumer protection is also a major focus of the new appointments. Aisha Isa-Olatinwo has been named Director of Consumer Protection, a department that has faced criticism over unresolved disputes between banks and their customers. With her background in audits, she is expected to adopt a more stringent approach towards financial institutions that fail to resolve customer complaints.
The other newly appointed directors include:
Mal. Abdullahi Hamisu (Banking Services)
Dr. OJumu Adenike Olubunmi (Medical Services)
Mr. Makinde Kayode Olanrewaju (Procurement & Support Services)
Mrs. Jide-Samuel Omoyemen Avbasowamen (Information Technology)
Mrs. Sike Rita Ijeoma (Financial Policy and Regulation)
Dr. Victor Ugbem Oboh (Monetary Policy)
Mr. Nakorji Musa (Trade and Exchange)
Dr. Vincent Monsurat Modesola (Strategy Management and Innovation)
Mr. Farouk Mujtaba Muhammad (Reserve Management)
Dr. Adetona Sikiru Adedeji (Currency Operations and Branch Management)
Mr. Hassan Ibrahim Umar (Development and Finance Institutions Supervision)
Mr. Solaja Mohammed-Jamiu Olayemi (Other Financial Institutions Supervision)
